Homework Answers
Answer - (c) $3000
Because while calculating gross income of a scholarship recipient, tuition and books and student activity fee excludes so only $3000 of room and board will consider.
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U se. 45. Jena is a full-time undergraduate student at State University and qualifies as a dependent of her parents...
Q1. Jena is a full-time undergraduate student at State University and is claimed by her parents...
Q1. Jena is a full-time undergraduate student at State University and is claimed by her parents as a dependent. Her only source of income is a $10,000 athletic scholarship ($1,000 for books, $5,500 tuition, $500 student activity fee, and $3,000 room and board). What's Jena's gross income for the year? Please explain. Q2. Christie sued her former employer for a back injury she suffered on the job in 2016. As a result of the injury, she was partially disabled. In...
14. Ron, age 19, is a full-time graduate student at City University. During 2019, he received...
14. Ron, age 19, is a full-time graduate student at City University. During 2019, he received the following payments: Cash award for being the outstanding resident adviser $ 1,500 Resident adviser housing 2,500 State scholarship for ten months (tuition and books) 6,000 State scholarship (meals allowance) 2,400 Loan from college financial aid office 3,000 Cash support from parents 2,000 Total $17,400 Ron served as a resident adviser in a dormitory and, therefore, the university waived the $2,500 charge for...
Anna is a graduate accounting student. She is the recipient of a $1,000 scholarship from the...
Anna is a graduate accounting student. She is the recipient of a $1,000 scholarship from the university. Anna also works as a part-time teaching assistant for which she is paid $3,000 per calendar year and receives a tuition waiver covering 100 percent of her tuition. If not for the waiver, Anna would have paid $8,000 for tuition. Further, she paid $400 for books and supplies related to her coursework and incurred room and board expenses of $6,200. How much gross...
Ms. Queen, age 21, is a full-time college student with an athletic scholarship that provides the...
Ms. Queen, age 21, is a full-time college student with an athletic scholarship that provides the following annual benefits: Tuition payment $ 13,100 Fees and books 3,725 Room and board 10,375 Ms. Queen works in the athletic department as a trainer for a $4,350 salary. She also receives a $6,180 annual allowance from her grandmother. Compute Ms. Queen’s AGI.
Aiden is 19 years old, unmarried, and was a first-year full-time student working on a degree...
Aiden is 19 years old, unmarried, and was a first-year full-time student working on a degree in accounting during 2018. He has never had a felony drug conviction. Aiden did not provide more than half of his own support and can be claimed as a dependent by his mother. Aiden’s income was $4,000 in wages working as a part-time cook at a fast food restaurant. Aiden received Form 1098-T indicating $5,000 for payments received for qualified tuition and related expenses...
Jane is 20 years old and is a sophomore at Lake University. She is a full-time...
Jane is 20 years old and is a sophomore at Lake University. She is a full-time student and does not have any gross income. Jane spends the holidays and summers at home with her parents. Her total support for the current tax year is $30,000, including a scholarship for $5,000 to cover her tuition. Jane used $12,000 of her savings, and her grandparents provided $13,000. Which of the following statements is true regarding identifying Jane as a dependent? a. If...
Charlize is a full-time student at UC Berkeley (born 1/31/2000,) She is on a scholarship of...
Charlize is a full-time student at UC Berkeley (born 1/31/2000,) She is on a scholarship of $8500 for tuition, books, and supplies + $1500 for room and board. Ben provides more than half of her support. In addition, Charlize earns $900 interest income from Bank of America and $1100 salary. She had $84 Social Security taxes withheld, Fed Tax Withholding of $102, and Ca. State Tax withholding of $55. Charlize paid $1300 in medical expenses in 2019. Ben is her...
Question 12 Mr. Ainspan is a college student working on a degree in accounting. He received...
Question 12 Mr. Ainspan is a college student working on a degree in accounting. He received the following in 2019: -A $4,000 scholarship used for tuition at State University -A $1,000 scholarship used for fees and books -An $8,000 fellowship used for his room and board Compute the amount Mr. Ainspan must include in income for 2019. 1) $8,000 2) $5,000 3) $13,000 4) $9,000 Question 13 Mr. and Mrs. Garden filed a joint return for 2019. Mr. Garden received...
Hillary Pillary, age 22, is a full-time student at Diploma Mills College and is awarded a...
Hillary Pillary, age 22, is a full-time student at Diploma Mills College and is awarded a master s degree at the end of the current year. Her tuition, fees, books, and supplies are $10,000 for the year. During the year, she received the following payments: Scholarship for the year $7,000 Loan from college financial aid office $3,000 Cash prize awarded in beauty contest $2,000 Gift from Aunt Sue $1,000 What amount of these payments is taxable to Hillary for the...
Adrian was awarded an academic scholarship to State University for the 2018–2019 academic year. He received...
Adrian was awarded an academic scholarship to State University for the 2018–2019 academic year. He received $6,500 in August and $7,200 in December 2018. Adrian had enough personal savings to pay all expenses as they came due. Adrian’s expenditures for the relevant period were as follows: Tuition, August 2018 $3,700 Tuition, January 2019 3,750 Room and board August–December 2018 2,800 January–May 2019 2,500 Books and educational supplies August–December 2018 1,000 January–May 2019 1,200 Determine the effect on Adrian’s gross income...
Q1. Jena is a full-time undergraduate student at State University and is claimed by her parents as a dependent. Her only source of income is a $10,000 athletic scholarship ($1,000 for books, $5,500 tuition, $500 student activity fee, and $3,000 room and board). What's Jena's gross income for the year? Please explain. Q2. Christie sued her former employer for a back injury she suffered on the job in 2016. As a result of the injury, she was partially disabled. In...
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